Home Loans in Karnal

Home to several rice mills and dhabas, Karnal offers a perfect mix of urban and rural elements. Hence, it is slowly emerging as a popular choice for people to reside. The presence of so many reliable banks and non-banking financial companies (NBFCs) in Karnal makes it easy for anyone to buy, renovate, or construct a home with a home loan. Thanks to these lenders for offering quick home loan in Karnal that start at a rate of interest of 8.45% per annum. When you apply for a home loan in Karnal, be ready to submit a processing fee cheque that can be up to 0.50% of the loan amount, along with the home loan application form. The maximum time allowed by these lenders to repay the loan amount is up to 30 years in most of the cases. 

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Home Loan Interest Rates in Karnal

The home loan rates in Karnal start at 8.45%. All the leading banks offer housing loans to self-employed and salaried people if they meet the eligibility criteria set by them. Moreover, most of them offer the borrower the option to opt for a floater or a fixed interest rate on home loans. 

To help you make an informed decision, we are now presenting a table displaying home loan rates of interest for the best 10 lending banks and housing finance companies in Karnal:

BASIC Bank/NBFC Partner Name Max Tenure (in years) Rate of Interest Processing Fees (INR) Contact
bank Bank of India 30 8.45% Up to 0.25% of the loan amount (Rs. 1,500 min; Rs. 20,000 max) Enquire
bank LIC HFC 30 8.50% Up to 0.25% (Rs. 25,000 max) Enquire
bank Aavas Financiers Ltd. 25 8.50% onwards 1.% Enquire
bank IIFL Housing 25 8.90% 0.50% - 1.75% of the loan amount Enquire
bank HDFC Bank 30 8.65% - 9.85% Up to 0.25% (Rs. 3,540 min) Enquire
bank PNB Housing 30 8.75% - 11.45% Up to 0.50% (Rs. 10,000 max) Enquire
bank IDFC First Bank 30 8.85% - 10.75% 0.25% - 0.50% of the loan amount Enquire
bank Shubham Housing 30 9.90% - 16.00% Up to 2% of the loan amount Enquire
bank State Bank of India 30 9.15% - 12.95% Up to 0.25% (Rs. 10,000 max) Enquire
bank Union Bank of India 30 8.70% 0.50% of the loan amount (Rs. 15,000 + GST max) Enquire
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Eligibility Criteria for Home Loans in Karnal

A home loan is one thing that can not be granted to everyone unless one is eligible for it. So, to ensure that they are lending money to reliable borrowers, banks and non-banking financial companies chart out some eligibility criteria for home loans, which are based on factors like the borrower's nationality, age, income, and credit history. 

Now, it is time to acquaint you with the general criteria set by banks and housing finance companies for home loan eligibility in Karnal:

Eligibility Parameters Salaried Individuals Self-Employed Individuals
Citizenship Indian Residents Indian Residents
Professional Experience 2 years 2 years
Age

Min: 21 years
Max: 65 years 

Min: 21 years
Max: 65 years 

Monthly Income

Minimum of Rs. 25,000 per month

Minimum of Rs. 25,000 per month

CIBIL Score 750 or above (preferred) 750 or above (preferred)

Note: Applicants are encouraged to declare any additional sources of income besides those mentioned in the table above to boost their chances of getting a home loan approval.

  • Home loans in Karnal are granted to Indian residents
  • The minimum and maximum age limit to apply for a home loan in Karnal is 21 and 65 years respectively
  • Salaried applicants must possess a 2-year work experience, whereas self-employed must show at  least a 3-year work experience in the current business
  • Banks in Karnal prefer lending money in the form of home loans to those with a credit score of 750 and above

Note:These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.

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Documents Required for Home Loans in Karnal

Whether you choose to apply for a housing loan in a private or public bank or a housing finance company, you will be asked to submit some KYC documents related to your address, identity, property, and income. The document requirement may vary depending on whether you are a self-employed or salaried borrower. You are advised to go through the list of documents for home loan in Karnal listed below:

1. For Salaried Loan Applicants

  • Identity proofs like Voter ID Card, PAN card, Aadhaar Card
  • Salary slips of previous 2-3 months
  • Bank statements for the previous 2-3 months
  • Last filled Form 16
  • Last filled Income Tax Return
  • Appointment letter
  • A processing fee cheque in favor of the lender 
  • Property documents 

2. For Self-Employed Loan Applicants

  • Identity proofs like Voter ID Card, Aadhaar Card, PAN card
  • Company license
  • Business Profile 
  • P&L account statements for the previous 3 years
  • Balance sheets for the previous 3 years
  • Last filled form 26AS
  • Bank account statement of previous 2-3 months
  • ITR of the previous 3 years
Type of Document Required Examples of Documents that can be Submitted
Proof Of Residency Aadhaar Card, Valid Passport
Proof Of Income Bank Passbook, Bank statement, Last 3 years IT Return
Proof Of Age PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment
Proof Of Employment Certified Letter from Employee/Company Memorandum 
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Home Loan Options Available in Karnal

The moment you approach a reliable home loan company in Karnal, you are most likely to get a variety of housing loan schemes. Whether you need to buy a home or a plot, extend or renovate an existing home, or simply transfer the balance of an existing home loan to another lender at a cheaper rate, you will get all such options from a reputed home loan provider in Karnal. 

Here is your chance to learn about the best housing loan schemes available in Karnal:

Type of Document Required The Object of the Loan
House Purchase Loan Perfect home loan for buying a home
Plot Purchase Loan Best home loan for buying a plot
Home Construction Loan Idea home loan for constructing a home on a plot
Home Extension Loan Ideal home loan to provide funds for extending a home through a balcony, room, or floor
Balance Transfer Home Loan Flexible option to shift an existing home loan to a new lender
Top-Up Home Loan Aids the borrower with extra funds without applying for a fresh lo

Note:The options tabulated above are the most popular loan options availed of by most customers. Please check with your specific bank for other home loan options that they offer.

Best NBFCs and Banks for Home Loans in Karnal

Top banks and non-banking financial companies try to make it easy for potential homeowners to get financial help through hassle-free home loans. The table below lists the best 5 banks and non-banking financial companies in Karnal that partner with BASIC Home Loan, offering the most affordable home loans:

Top Banks for Home Loans in Karnal (BASIC Partner) Top NBFCs for Home Loans in Karnal (BASIC Partner)
Bank of India LIC HFC
HDFC Bank IIFL Housing
IDFC First Bank Aavas Financiers Ltd.
SBI PNB Housing
Union Bank of India Shubham Housing

FAQs

The procedure to take a home loan in Karnal is quite simple. The first step is to shortlist the lending bank or housing finance company and the scheme you wish to apply for. The second step is to fill out the home loan application and the processing fee cheque along with the required documents. The best way to apply for a home loan in Karnal is through the BASIChomeloan team. 

The minimum income requirement to get a home loan in Karnal is Rs. 25,000.

The average interest rate for home loans in Karnal is between 8.95% and 9.45% per annum.

Yes, many banks and housing finance companies charge a processing fee on home loan applications. You are advised to check for the same when submitting the home loan application for a particular lender. 

No bank or housing finance company offers 100% home loan in Karnal or any other city of India. The maximum they offer is up to 90% of the property cost as home loan amount. 

Yes, there are several lenders like HDFC Bank and PNB Housing Finance that offer easy and quick home loans to Non-Resident Indians (NRIs).